10 Reasons Why Everyone Needs a Checking Account

Do you still write checks? A few of us continue to use pen and paper to make purchases and pay bills.

According to recent banking industry data, about 15% of U.S. consumers write checks regularly for at least some payments like rent, charitable donations, tax payments, gifts and payments to small businesses and service providers. But despite their name, today you can do so much more with a checking account than write checks!

A checking account serves many important purposes in managing our personal finances. Here are 10 ways to use a checking account to build your financial confidence and strengthen your financial position:

1. Everyday money management: A checking account is a secure place to deposit income and access your money for daily expenses through debit cards, checks or electronic transfers.

2. Direct deposit: Employers and government agencies can deposit funds directly into your account, providing faster access to your money and peace of mind knowing your income is coming straight to your account with no detours along the way. Knowing the exact day your money will be available can help you plan for spending and expenses each month.

3. Bill payments: Most checking accounts offer online bill-pay features, automatic payments and integration with third-party payment services.

4. Convenience: Through online and mobile banking, you can review your checking account balance, transfer funds between your accounts, easily make transactions and more from anywhere with an internet connection or mobile data access. Financial institutions like Mountain America Credit Union even accept physical check deposits via mobile apps to save you time by not needing to visit a branch. But the most convenient aspect of a checking account is no longer needing to carry cash or a checkbook—our money can be immediately accessed with a simple tap, insert or swipe of a debit card.

5. Rewards and perks: Checking accounts like Mountain America’s MyStyle® Rewards Checking have built-in benefits such as loan rate discounts, access to zero-cost telehealth services, mobile phone protection and points to redeem for travel rebates, gift cards and other rewards. Identity protection, free credit score reports and exclusive shopping and entertainment discounts are also perks of a MyStyle® Rewards Checking account.

6. Notifications and fraud protection: You can avoid missing payments, paying late fees and falling victim to fraud by setting up account alerts on a checking account. You can also be notified when your checking account reaches a certain balance, checks clear or a transaction is made to enhance your financial security.

7. Financial record-keeping: Gone are the days of balancing a checking account with a paper register and calculator! Checking accounts provide online statements and transaction histories to track your income and spending so you know exactly how much money is coming in and going out each month. Mountain America’s online banking platform has tools to show you where you are spending your money by categories like groceries and entertainment.

8. Savings tool: With checking accounts, you have the opportunity to set up automatic transfers to your savings accounts, which financial professionals refer to as “paying yourself first.”

9. Security measure: The NCUA insurance offers protection against bank failures, ensuring your deposit accounts up to $250,000.

10. Banking relationships: Having a checking account establishes a relationship with a financial institution, potentially making it easier to access other services like loans or credit cards.

Competitive interest rates, overdraft protection and sign-up bonuses can draw us to one checking account over another. But a big differentiator can be the number and amount of fees.

While some financial institutions charge a monthly maintenance fee or have minimum balance requirements, Mountain America offers MyFree® Checking which has no minimum balance requirements, maintenance fees or hidden restrictions. There is a small monthly fee on MyStyle® Rewards Checking that is waived by performing more than 20 debit or credit card transactions in a month.

With their numerous features and benefits, checking accounts can be the foundation of your overall banking strategy. Apply online or visit a Mountain America branch for your MyStyle® Rewards Checking or MyFree® Checking account.